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Registration number: 05902577

Premier Vauxhall Spares Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Premier Vauxhall Spares Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Premier Vauxhall Spares Limited

(Registration number: 05902577)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

387,277

390,722

Current assets

 

Stocks

143,013

134,308

Debtors

6

12,676

154,949

Cash at bank and in hand

 

554,138

486,699

 

709,827

775,956

Creditors: Amounts falling due within one year

7

(287,762)

(55,157)

Net current assets

 

422,065

720,799

Total assets less current liabilities

 

809,342

1,111,521

Provisions for liabilities

(34,933)

(23,490)

Net assets

 

774,409

1,088,031

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

774,309

1,087,931

Shareholders' funds

 

774,409

1,088,031

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 20 March 2024 and signed on its behalf by:
 

 

Premier Vauxhall Spares Limited

(Registration number: 05902577)
Statement of Financial Position as at 30 September 2023 (continued)


J A Turner
Director

 

Premier Vauxhall Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is retail of motor vehicles and parts

The principal place of business is:
16 Stonehouse Street
PLYMOUTH
Devon
PL1 3PE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Premier Vauxhall Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Short leasehold property

10 Year straight line

 

Premier Vauxhall Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Fitting fixtures and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Premier Vauxhall Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

80,000

80,000

At 30 September 2023

80,000

80,000

Amortisation

At 1 October 2022

80,000

80,000

At 30 September 2023

80,000

80,000

Carrying amount

At 30 September 2023

-

-

 

Premier Vauxhall Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

5

Tangible assets

Freehold property
£

Short leasehold property
£

Fixtures and fittings and equipment
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

469,764

2,151

30,545

1,298

6,164

509,922

Additions

-

-

7,920

-

-

7,920

At 30 September 2023

469,764

2,151

38,465

1,298

6,164

517,842

Depreciation

At 1 October 2022

96,135

430

19,119

818

2,698

119,200

Charge for the year

7,395

215

2,649

239

867

11,365

At 30 September 2023

103,530

645

21,768

1,057

3,565

130,565

Carrying amount

At 30 September 2023

366,234

1,506

16,697

241

2,599

387,277

At 30 September 2022

373,629

1,721

11,426

480

3,466

390,722

Included within the net book value of land and buildings above is £366,234 (2022 - £373,629) in respect of freehold land and buildings and £1,506 (2022 - £1,721) in respect of short leasehold land and buildings.
 

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

5,598

4,998

Amounts owed by related parties

10

-

143,606

Prepayments

 

7,078

6,345

 

12,676

154,949

 

Premier Vauxhall Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

5,615

831

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

235,428

-

Taxation and social security

 

43,139

50,996

Accruals and deferred income

 

3,580

3,330

 

287,762

55,157

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

12,000

12,000

Later than one year and not later than five years

-

12,000

12,000

24,000

The company has non cancellable lease commitments of £12,000 (2022: £24,000) in respect of the land at 20 Stonehouse Street.

 

Premier Vauxhall Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

10

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Directors

-

33,466

(33,466)

-

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Directors

-

149,912

(149,912)

-

         
       

 

Director's loan are repayable on demand and subject to interest on overdrawn balances at the official rate.

Summary of transactions with parent

Premier Vauxhall Holdings Limited
 

Loans to related parties

2023

Parent
£

Total
£

At start of period

143,606

143,606

Repaid

(143,606)

(143,606)

At end of period

-

-

2022

Parent
£

Total
£

At start of period

232,518

232,518

Repaid

(88,912)

(88,912)

At end of period

143,606

143,606

Loans from related parties

2023

Parent
£

Total
£

Advanced

235,428

235,428

At end of period

235,428

235,428